FLECKENSTEIN: Anyone betting on Bitcoin will lose all of their money

Bloomberg TV Bill Fleckenstein See Also MELTDOWN: BITCOIN CRASHES TO $576 PRESENTING: The Most Powerful Bitcoin Miner In The World Here's An Awesome Presentation On What Bitcoin Really Is Last week, Bank of America Merrill Lynch initiated coverage on Bitcoin and estimated a fair value of $1,300 on the digital currency. Despite this extraordinary endorsement , many aren't yet willing to acknowledge the legitimacy of Bitcoin . Here's what Bill Fleckenstein told Eric King of King World News : Yeah, it’s a giant chain-letter. Everyone will lose all of their money that puts money in it. It’s a complete joke. Even a crappy currency has government taxing ability behind it, or some sort of a standing army or something like that. Bitcoin is nothing. It’s dot-com mania 3.0 just moved one step over, right? People are so enamored with communication with their phones and online commerc...